LIVINGTRUST MORTGAGE BANK PLC
INTERIM UNAUDITED FINANCIAL STATEMENTS FOR THE 4TH QUARTER ENDED
31ST DECEMBER 2022
STATEMENT TO THE NIGERIAN STOCK EXCHANGE AND THE SHAREHOLDERS ON
THE EXTRACT OF THE UNAUDITED RESULTS FOR 4TH QUARTER YEAR ENDED 31ST
DECEMBER, 2022.
The Board of Directors of LivingTrust Mortgage Bank Plc is pleased to present an extract of the unaudited and interim financial statements for 4th Quarter Ended 31st December, 2022 which was approved by the Board on 20th January, 2023
Statement of Comprehensive Income | Jan - Dec. | Oct-Dec | Jan - Dec | Oct-Dec | |||||||||
for 4th Quarter ended 31st December, | |||||||||||||
2022 | 2022 | 2022 | 2021 | 2021 | |||||||||
NOTES | |||||||||||||
UNAUDITED | UNAUDITED | UNAUDITED | UNAUDITED | ||||||||||
N | N | N | N | ||||||||||
Gross Earnings | 2,539,028,281 | 801,229,977 | 1,627,781,000.00 | 507,335,734 | |||||||||
Interest and similar income | 1 | 1,865,168,966 | 524,845,126 | 1,130,247,000.00 | 407,082,450 | ||||||||
Interest and similar expense | 2 | ||||||||||||
(487,004,050) | (169,382,861) | (231,816,000.00) | (79,617,813) | ||||||||||
Net interest income | |||||||||||||
1,378,164,916 | 355,462,265 | 898,431,000.00 | 327,464,636 | ||||||||||
Fee and commission income | 3 | ||||||||||||
164,911,194 | 39,905,219 | 155,479,000.00 | 31,523,720 | ||||||||||
Fee and commission expense | 4 | ||||||||||||
- | - | - | |||||||||||
Net fee and commission income | 5 | ||||||||||||
164,911,194 | 39,905,219 | 155,479,000.00 | 31,523,720 | ||||||||||
Other operating income | 6 | ||||||||||||
508,948,121 | 236,479,632 | 342,055,000.00 | 68,729,565 | ||||||||||
Total operating income | |||||||||||||
2,052,024,231 | 631,847,116 | 1,395,965,000.00 | 427,717,921 | ||||||||||
Impairment loss (charge)/write back | 7b | ||||||||||||
(96,917,162) | (41,535,078) | 53,632,000.00 | (10,605,832) | ||||||||||
Net operating income | |||||||||||||
1,955,107,070 | 590,312,039 | 1,449,597,000.00 | 417,112,089 | ||||||||||
Personnel expenses | 8 | ||||||||||||
409,807,379 | 118,360,358 | 310,469,000.00 | 80,170,899 | ||||||||||
Depreciation of property and | 72,187,833 | 20,850,185 | 50,468,000.00 | 15,950,823 | |||||||||
equipment | 17b | ||||||||||||
Amortisation of intangible assets | 18b | ||||||||||||
11,722,400 | 3,637,350 | 10,163,000.00 | 2,083,807 | ||||||||||
Other operating expenses | 10 | ||||||||||||
434,500,691.99 | 169,376,279 | 310,287,000.00 | 165,596,067 | ||||||||||
Total operating expenses | |||||||||||||
928,218,304.95 | 312,224,172 | 681,387,000.00 | 263,801,597 | ||||||||||
(Loss)/Profit before tax | |||||||||||||
1,026,888,765 | 278,087,867 | 768,210,000.00 | 153,310,493 | ||||||||||
Income tax credit/(expense) | |||||||||||||
(117,737,642) | (41,756,163) | (261,248,000.00) | |||||||||||
(Loss)/Profit before tax | |||||||||||||
909,151,123 | 236,331,704 | 506,962,000.00 | 153,310,493 | ||||||||||
Other Comprehensive income/loss | |||||||||||||
- | - | (9,913,000.00) | - | ||||||||||
Total Comprehensive Income | |||||||||||||
909,151,123 | 236,331,704 | 497,049,000.00 | 153,310,493 | ||||||||||
Basic earnings per share (Kobo) | 18 | 5 | 10.14 | 3 |
The notes on pages 5 to 10 are an integral part of these financial statements.
Page 1
LivingTrust Mortgage Bank Plc | YEAR ENDED | YEAR ENDED | |||||
Statement of Financial Position | 31-December-22 | 31-December-21 | |||||
Year ended 31st December | NOTES | Unaudited | Audited | ||||
N | N | ||||||
Cash and balances with CBN | 11 | 141,010,138.64 | 159,427,000 | ||||
Due from banks | 12 | 983,040,472.38 | 2,722,755,000 | ||||
Loans and advances to | 10,412,950,984.14 | 7,852,074,000 | |||||
customers | 14 | ||||||
Investment securities | 15 | 96,803,349.50 | 96,803,000 | ||||
Other assets | 16 | 322,709,167.34 | 63,274,000 | ||||
Deferred Tax Assets | - | - | |||||
Property and equipment | 17a | 380,333,326.53 | 286,565,000 | ||||
50,294,740.62 | |||||||
Intangible assets | 18a | 22,241,000 | |||||
12,387,142,179.15 | 11,203,139,000 | ||||||
Non-current assets held for sale | 20 | 149,317,167.86 | 183,351,000 | ||||
Total assets | 12,536,459,347.01 | 11,386,490,000 | |||||
Liabilities | |||||||
Due to customers | 21 | 5,449,895,852.49 | 5,296,312,000 | ||||
Debt issued and other | 2,513,189,336.05 | 2,222,103,000 | |||||
borrowed funds | 22 | ||||||
Current tax liabilities | 23 | 111,728,896.42 | 197,636,000 | ||||
Other liabilities | 24 | 1,475,705,306.75 | 384,495,000 | ||||
Deferred tax Liabilities | 19 | 61,787,075.02 | 61,787,000 | ||||
Total liabilities | 9,612,306,466.73 | 8,162,333,000 | |||||
Equity | |||||||
Ordinary share capital | 25 | 2,500,000,000 | 2,500,000,000 | ||||
Share Premium | 0 | ||||||
Statutory reserve | 213,161,041 | 213,161,000 | |||||
Retained earnings | 88,160,439 | 388,164,000 | |||||
Fair value reserve | (17,230,021) | (17,230,000) | |||||
Regulatory risk reserve | 140,061,421 | 140,062,000 | |||||
Total equity | 2,924,152,880 | 3,224,157,000 | |||||
Total liabilities and equity | 12,536,459,347.01 | 11,386,490,000 | |||||
The notes on pages 5 to 10 are an integral part of these financial statements.
Adewole Adekunle | Adesina Yemisi Funmilayo |
Managing Director/CEO | Financial Controller |
FRC/2020/002/00000022316 | FRC/2021/001/00000023640 |
The Board of Directors of LivingTrust Mortgage Bank Plc is pleased to present an extract of the unauditedfinancial statements for the 4thQuarter Ended 31 December, 2022 as approved on 20th January 2023
3
LIVINGTRUST MORTGAGE BANK PLC STATEMENT OF CASH FLOWS
FOR THE 4TH QUARTER ENDED 31ST DECEMBER 2022
Cash flows from operating activities
Profit after tax
Adjustment for non-cash items
Impairment charge/(write back) on loans and advances Gain from disposal of Property and Equipment Depreciation of property and equipment Amortisation of intangible assets
Income tax expense
Cashflows before changes in working capital
Changes in working capital
Increase/ decrease in loans and advances
Increase / Decrease in other assets
Increase/decrease in due to customers
Increase/(decrease) other liabilities
Tax paid
Net cash from operating activities
Cash flows from investing activities;
Purchase of property and equipment Purchase of intangible assets
Additions to non-current assets held for sale Disposal of non-current assets held for sale Proceed from disposal of property and equipment
Net cash from/(used) investing activities
Cash flows from financing activities
Repayment of borrowed funds
Additional on-lending facility
Repayment of on-lending facility
Dividend Paid to Shareholders
Net cash from financing activities
Increase in cash and cash equivalents
Cash and cash equivalents as at 1 January
Cash and cash equivalents as at 31 December 2022 Additional cash flow information
Cash and cash equivalents
Cash on hand
Cash deposit with CBN
Balances with banks within Nigeria
Placements with banks
Unaudited | Audited | ||||
31-December-22 | 31-December-21 | ||||
909,151,122.63 | 506,961,000.00 | ||||
96,917,161.54 | (53,632,000.00) | ||||
(106,212.06) | - | ||||
72,187,833.17 | 50,468,000.00 | ||||
11,722,400.45 | 10,163,000.00 | ||||
117,737,642.30 | 261,248,000.00 | ||||
1,207,609,948.03 | 775,093,000.00 | ||||
(2,560,876,984.14) | (3,720,313,000.00) | ||||
(259,435,167.34) | 27,410,000.00 | ||||
153,583,852.49 | 2,677,010,000.00 | ||||
1,091,210,306.75 | 154,356,000.00 | ||||
(1,575,517,992.24) | 861,536,000.00 | ||||
(193,164,078.88) | (25,078,000.00) | ||||
(561,072,123.09) | (111,521,000.00) | ||||
(204,653,866.09) | (77,185,000.00) | ||||
(32,963,754.31) | (250,000.00) | ||||
(18,817,000.00) | |||||
34,033,832.14 | 103,518,000.00 | ||||
15,109,418.63 | 698,000.00 | ||||
(188,474,369.63) | 7,963,000.00 | ||||
(805,028,468.12) | (10,121,000.00) | ||||
812,975,445.44 | 1,911,827,000.00 | ||||
(69,355,665.30) | (325,723,000.00) | ||||
(300,000,000.00) | (50,000,000.00) | ||||
(361,408,687.98) | 1,525,984,000.00 | ||||
(1,109,580,180.70) | 1,422,426,000.00 | ||||
2,233,634,692.05 | 1,459,756,000.00 | ||||
1,124,054,511.35 | 2,882,182,000.00 | ||||
34,154,605.50 | 69,883,000.00 | ||||
106,855,533.14 | 89,544,000.00 | ||||
384,037,889.23 | 1,558,361,000.00 | ||||
599,006,483.48 | 1,164,394,000.00 | ||||
1,124,054,511.35 | 2,882,182,000.00 |
3
LIVINGTRUST MORTGAGE BANK PLC | |||||||||||||||||||||
STATEMENT OF CHANGES IN EQUITY | |||||||||||||||||||||
AS AT 31ST DECEMBER 2022 | |||||||||||||||||||||
Ordinary | Fair value | Regulatory | |||||||||||||||||||
Share | Share | Statutory | Retained | Risk | Total equity | ||||||||||||||||
reserve | |||||||||||||||||||||
Capital | Premium | Reserves | Earnings | Reserves | |||||||||||||||||
At 1 January 2021 | - | ||||||||||||||||||||
2,500,000,000.00 | 111,768,808.00 | 107,591,409.00 | (7,316,777.00) | 65,065,421 | 2,777,108,861.00 | ||||||||||||||||
Dividend paid | - | - | (50,000,000) | - | - | (50,000,000) | |||||||||||||||
Transfer (statutory) | - | - | 101,392,000.00 | - | - | - | 101,392,000.00 | ||||||||||||||
Transfer to retained earnings | - | - | 330,573,000.00 | - | - | 330,573,000.00 | |||||||||||||||
Revaluation reserve | - | - | - | - | (9,913,000.00) | - | (9,913,000.00) | ||||||||||||||
Transfer (risk reserve) | - | 74,996,000.00 | 74,996,000.00 | ||||||||||||||||||
- | - | ||||||||||||||||||||
- | - | ||||||||||||||||||||
At 31 December, 2021 | - | ||||||||||||||||||||
2,500,000,000.00 | 213,160,808.00 | 388,164,409.00 | (17,229,777.00) | 140,061,421.00 | 3,224,156,861.00 | ||||||||||||||||
At 1 January 2022 | - | ||||||||||||||||||||
2,500,000,000.00 | 213,160,808.00 | 388,164,409.00 | (17,229,777.00) | 140,061,421.00 | 3,224,156,861.00 | ||||||||||||||||
Dividend paid | (300,000,000) | (300,000,000) | |||||||||||||||||||
At 31 December, 2022 | |||||||||||||||||||||
2,500,000,000.00 | - | 213,160,808.00 | 88,164,409.00 | (17,229,777.00) | 140,061,421.00 | 2,924,156,861.00 | |||||||||||||||
Page 4
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Livingtrust Mortgage Bank plc published this content on 20 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2023 16:40:06 UTC.